Monday, May 20, 2024
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Arrests Start in Money Laundering Ring Connected to Hakkasan and Wolf of Wallstreet

Working with US Authorities to recover money stolen and laundered from the 1MBD Malaysian fund, the Malaysian Anti-Corruption police have issued arrest warrants for financier Low Taek Jho and two others.

According to Bloomberg, “The Malaysian Anti-Corruption Commission has also issued an arrest warrant for Nik Faisal Ariff Kamil, a former official at a 1Malaysia Development Bhd. unit, according to one of the people. The agency is preparing warrants for the fund’s ex-chief, Shahrol Halmi, and Roger Ng, a former Goldman Sachs banker focused on Malaysia who left the firm in 2014, the people said.”

The DOJ had accused the assets of the fund to be used illegally to buy various things including, according to a filing in 2016, a $51 million New York penthouse condominium and a $31 million Beverly Hills mansion bought in 2014 by Khadem al Qubaisi, the former managing director of Abu Dhabi’s International Petroleum Investment Co. Al Qubaisi, who’s also the former chairman of restaurant and nightclub operator Hakkasan Group, received $473 million siphoned from 1MDB in 2012, according to the U.S. Justice Department.

U.S prosecutors, pursuing a kleptocracy asset recovery initiative, had claimed the 2013 film Wolf of Wallstreet, directed by Martin Scorsese and starring Leonardo DiCaprio, was financed by Red Granite using funds stolen from 1Malaysia Development Berhad (1MDB) — and in the end the Wolf of Wall Street producers to pay $60m to US government for the stolen funds.

According to Magnetic Mag, ” Following another recent turning point in a now rapidly expanding international investigation, it has now been proven that at least $10 million of the funds used to finance Las Vegas nightclub Hakkasan were unlawfully transferred from Malaysian government entity 1Malaysia Development Berhad (1MDB). Over the past year the 1MDB scandal has unfolded into global conspiracy of unprecedented magnitude, linking numerous politicians, bankers, venture capitalists and entertainers around the world to roughly $3.5 billion in misappropriated funds.”

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  1. Maybe the ex CEO will have to return all his ill gotten gains, Ranches Horses Ferrari collection, hundreds of watches, art collection, property all over the world.

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